Summary
Bitcoin’s price continues to decline, reaching a low of $64,673 before a slight recovery to $66,286. Analysts attribute the dip to outflows from US-traded spot Bitcoin exchange-traded funds. Despite this, experts remain optimistic about Bitcoin’s future, especially with the upcoming halving event. Market analysts are closely watching the Federal Reserve’s decisions, with a 95% probability that interest rates will remain unchanged in May. CEO Mark Yusko predicts Bitcoin’s price could double to $150,000 this year post-halving.
Key Points
1. Bitcoin’s price decline continued for the third day in April, reaching a low of $64,673 before recovering slightly to $66,286.
2. The drop in price is attributed to outflows from US-traded spot Bitcoin exchange-traded funds (ETFs), particularly ARK 21Shares Bitcoin ETF (ARKB) with an $87.5 million outflow.
3. Despite the recent downturn, analysts remain optimistic about Bitcoin’s prospects, especially with the upcoming halving event on April 20, 2024. CEO Mark Yusko predicts Bitcoin’s price could double to $150,000 this year.